Accounts of “Not for Profit” Concerns

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Topics

  • Introduction to Partnership
  • Introduction to Partnership and Partnership Final Accounts
  • Accounts of ‘Not for Profit’ Concerns
  • Partnership Final Accounts
    • Introduction of Final Accounts
    • Preparation of Final Accounts
    • Effects of Adjustments-Closing Stock
    • Effects of Adjustments-Outstanding Expenses
    • Effects of Adjustments-Prepaid Expenses
    • Effects of Adjustments-Income Received in Advance
    • Adjustments - Income Receivable
    • Effects of Adjustments-Bad and Doubtful Debts
    • Effects of Adjustments-Provision for Discount on Debtors and Creditors
    • Effects of Adjustments-Depreciation
    • Adjustments - Interest on Capital, Drawings and Loans
    • Adjustments - Interest on Investment and Loans
    • Adjustments - Goods Destroyed by Fire Or Accident (Insured Or Uninsured)
    • Adjustments - Goods Stolen
    • Adjustments of Financial Statements - Goods Distributed as Free Samples and Manager's Commission
    • Adjustments - Goods Withdrawn by Partners
    • Adjustments - Unrecorded Purchases and Sales
    • Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
    • Adjustments - Bills Receivable Dishonoured
    • Adjustments - Bills Payable Dishonoured
    • Adjustments - Deferred Expenses
    • Adjustments - Capital Receipts Included in Revenue Receipts and Vice-versa
    • Adjustments - Commission to Working Partner Managers on the Basis of Gross Profit Net Profit, Sales, Etc
    • Partnership Final Accounts
  • Reconstitution of Partnership (Admission of Partner)
  • Reconstitution of Partnership
    • Meaning of Reconstitution
    • Different Ways of Reconstitution
    • Admission of a Partner
    • Need of Admission of a Partner
    • Capital Brought by New Partner
    • Admission of a Partner - Sacrifice Ratio and New Ratio
    • Concept of Goodwill
    • Admission of a Partner - Adjustment of Accumulated Profits and Losses
    • Admission of a Partner - Revaluation of Assets and Liabilities
    • Admission of a Partner - Adjustment of Capitals
    • Admission of a Partner - Treatment of Goodwill
    • Meaning of Retirement or Death of a Partner
    • Needs of Retirement Or Death of a Partner
    • Retirement Or Death of a Partner - Treatment of Goodwill
    • Retirement or Death of a Partner - Adjustment of Accumulated Profits and Losses
    • Retirement or Death of a Partner - Revaluation of Assets and Liabilities
    • Retirement Or Death of a Partner - Adjustment of Capitals
    • Retirement Or Death of a Partner - New Ratio
    • Retirement Or Death of a Partner - Gain Ratio
    • Retirement Or Death of a Partner - Amount Due to Retiring Parter
    • Reconstitution of Partnership
  • Reconstitution of Partnership (Retirement of Partner)
    • Reconstitution of Partnership (Retirement of Partner)
    • Treatment of Goodwill
    • Transfer of Reserve Fund Or General Reserve/Accumulated Profit Or Loss
    • Accounting for Revaluation of Assets and Reassessment of Liabilities
    • Retirement Or Death of a Partner - Adjustment of Capitals
    • Total Payable Amount to Retiring Partner
  • Dissolution of Partnership Firm
  • Accounts of “Not for Profit” concerns
    • Not for Profit Concerns
    • Features of "Not for Profit" Concerns.
    • Receipts and Payments Account
    • Feature of Receipts and Payments Account
    • Effects of Adjustments-Outstanding Expenses
    • Additional Information - Prepaid Expenses of the Current and Previous Year
    • Effects of Adjustments-Accrued Income
    • Effects of Adjustments-Income Received in Advance
    • Additional Information - Subscription Received in Advance
    • Additional Information - Subscription Outstanding of the Current and Previous Year
    • Effects of Adjustments-Depreciation
    • Additional Information - Capitalisation of Entrance Fees
    • Additional Information - Creation of Special Funds Out of Donations
    • Additional Information - Stock of Stationery
    • Additional Information - Opening Balances of Assets and Liabilities
    • Preparation of Income and Expenditure Account and Closing Balance Sheet
    • Accounts of “Not for Profit” Concerns
  • Reconstitution of Partnership (Death of Partner)
    • Reconstitution of Partnership (Death of Partner)
  • Single Entry System
    • Meaning of Single Entry
    • Difference Between Single Entry System and Double Entry System
    • Preparation of Statements for Single Entry System
    • Additional Information - Additional Capital
    • Effects of Adjustments-Drawings
    • Additional Information - Depreciation on Fixed Asset
    • Effects of Adjustments-Bad and Doubtful Debts
    • Additional Information - Undervaluation of Assets and Liabilities
    • Additional Information - Overvaluation of Assets and Liabilities
    • Adjustments - Interest on Capital, Drawings and Loans
    • Additional Information - Partners Salary
    • Effects of Adjustments-Outstanding Expenses
    • Effects of Adjustments-Prepaid Expenses
    • Illustrations of Single Entry System
    • Single Entry System Examples and Solutions
  • Dissolution of Partnership Firm
  • Bill of Exchange (Only Trade Bill)
    • Introduction of Bill of Exchange (Only Trade Bill)
    • Necessity of Bill of Exchange (Only Trade Bill)
    • Draft Or Format of Bills
    • Parties to the Bill of Exchange
    • Acceptance of Bill
    • Important Terms of Bills of Exchange - Term of Bill
    • Important Terms of Bills of Exchange - Days of Grace
    • Important Terms of Bills of Exchange - Date of Maturity
    • Important Terms of Bills of Exchange - Due Date
    • Honouring of Bill
    • Dishonour of Bill
    • Important Terms of Bills of Exchange - Noting of Bill
    • Protesting of Bill
    • Basic Term of Bills of Exchange - Notary Public
    • Basic Term of Bills of Exchange - Noting Charges
    • Accounting Treatment of Bill by the Drawer Or Holder and Drawee
    • Accounting Treatment - Retaining the Bill Till Due Date. Honour Or Dishonour, Insolvency of the Drawee Or Acceptor
    • Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
    • Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
    • Accounting Treatment of Bill - Sending the Bill to the Bank for Collection, Honour Or Dishonour and Insolvency
    • Accounting Treatment of Bill - Making Part Payment of Basic Amount, Interest and Noting Charges and Drawing of New Bill
    • Accounting Treatment of Bill - Honour Or Dishonour of New Bill
    • Accounting Treatment of Bill - Insolvency of the Acceptor and Settlement of His Account
    • Accounting Treatment of Bill - Retirement of Bill
    • Accounting Treatment of Bill - Journal Entries and Ledger
    • Bill of Exchange Examples and Solutions
  • Bills of Exchange
    • Bills of Exchange
    • Parties to a Bill Exchange
    • Parties to a Promissory Note
    • Contents of Format of Bill of Exchange
    • Honour and Dishonour of Bill of Exchange
  • Company Accounts - Issue of Shares
    • Share and Share Capital
    • Accounting for Share Capital
    • Forfeiture of Shares
  • Company Accounts
  • Analysis of Financial Statements
  • Analysis of Financial Statements
  • Computer in Accounting
    • Computerized Accounting System (Cas)
    • Sourcing of Accounting Software
    • Legal Vs. Pirated Accounting Software
  • Introduction
  • Meaning of Not for Profit concern
  • Features of Not for Profit concern
  • Difference between Profit organisation and Not for Profit organisation
  • Need for maintaining books of accounts and preparing final accounts
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Shaalaa.com | Accounts of “Not for Profit” concerns (Examples)

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Accounts of “Not for Profit” concerns (Examples) [01:31:29]
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Related QuestionsVIEW ALL [62]

Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.
                                 Balance Sheet as on 01.04.2009 

Liabilities
Amount
(Rs.)
Assets
Amount
(Rs.)
Amount
(Rs.)
Capital Fund 67,100 Land   120,000
Building Fund 54,000 Sports Material   32,000
Bank Overdraft 37,400 Cash in Hand   2,200
    Outstanding Subscriptions    
    2007-2008 Rs.1800  
    2008 - 2009  Rs.2500 4,300
  158,500     158,500

Receipts and Payments Account for year ending on 31-03-2010
Dr.                                                                                                         Cr.

Receipts
Amount (Rs.)
Amount (Rs.)
Payments

Amount (Rs.)

Amount
(Rs.)

To Balance b/d
(cash in Hand)
  2200 Bank Overdraft (repaid)   37,400
To subscription   69,800 By Salaries   25,600
2007-2008 1800 By Electricity Charges   2,250
2008-2009 2500 By Rent and Taxes   1,750
2009-2010 65500 By Printing and Stationery   5,100
      By Entertainment Expenses
31/03/2010
  8,700
To Donations   11,000 By Balance c/d    
To Entertainment Receipts   8,800 Cash in Hand
Cash at Bank
  3,000
10,000
To Entrance Fees   2,000      
    93,800     93,800

Adjustments:
1) Donation are received for Building Fund.
2) Entrance Fees are to be Capitalized.
3) Outstanding Subscription Rs 1,500.
4) Depreciate sport Material @ 12 1/2% p.a.

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